The Global Minimum Tax Act which requires large multinational enterprises (MNEs) operating in the nation to pay a global minimum corporate tax rate of 15% was formally signed into law by South Africa in a…
COVID-19: Kenya Airways loses $100 million in revenue
Kenya Airways has lost an estimated $100 million in revenue as a result of the coronavirus pandemic and related lockdowns, CEO Allan Kilavuka told reporters on Friday. “We don’t have the full picture of how…
Business: Kenya and South Africa dominate Africa’s private…
Kenya has attracted Venture Capital deals worth Sh74.3 billion in the past five years, second highest in Africa after South Africa, the latest continental private equity report shows. The inaugural report on venture capital, entitled…
South Africa urges creditors to back rescue plan
South Africa’s public enterprises ministry on Wednesday urged creditors to back a rescue plan for cash-strapped South African Airways (SAA). Creditors are due to vote on the restructuring plan on Thursday, but one of the…
Business: Sasol’s troubled Lake Charles project now operating…
Sasol's delayed multibillion dollar Lake Charles project in the US is now operating at 86% of its total capacity. The alcohols plant at the project based in the US state of Louisiana is now operational,…
Business: Ramaphosa Warns of More Job Losses in…
South African President Cyril Ramaphosa warned of widening job losses as the effects of a shutdown to curb the spread of the coronavirus batters the economy. Companies in the aviation, construction, entertainment and hospitality sectors…
Business: Mboweni’s dark hour | This week’s budget…
Finance Minister Tito Mboweni is a man who is not above using humour to get a sincere point across. He also does not believe that he should hold his tongue simply because his views are…
Business: Hope renewed as agency vows revived railway…
A team of technocrats and politicians commuting on a trial run on the Nairobi-Nanyuki railway escaped unhurt when their one coach train hit a car at a non-designated level crossing point. The group of investors…
WTO PRESIDENCY: Benin drops candidate in support on…
She is for the moment the most formidable African candidate for the post of president of the World Trade Organization. Nigerian Ngozi Okonjo-Iweala officially received support from Benin, which has withdrawn its candidate Eloi Laourou.…
Business: Junior miners fight for survival in COVID-19…
While the mining industry overall was hard hit by the coronavirus pandemic, it is junior miners who sustained the heaviest blows - with some fighting to survive as their viability is threatened. The mining sector…
Business: 22,000 Edcon employees set to get retrenchment…
SA's biggest non-food retailer Edcon has served 22,000 of its employees with notices of retrenchments as it blames load-shedding and the initial 45-day hard lockdown for its collapse. The troubled Edcon Holdings, which owns Edgars…
Business: Kenya Tops Angola as Sub-Saharan Africa’s No.…
Kenya surpassed Angola as sub-Saharan Africa’s third-largest economy in dollar terms, according to International Monetary Fund estimates. Angola has contracted every year since 2016 as oil output declined, and the kwanza was devalued in 2019…
Energy dept requests submissions for 2500MW nuclear build
The Department of Mineral Resources and Energy said in a statement released on Sunday that it is giving members of the public a month to respond to its request for information for a 2500 MW…
Business: Cybercriminals change tack in SA, use more…
Stay vigilant. Hackers will keep trying to capitalise on Covid-19, warns Maher Yamout, senior security researcher at global cyber security firm Kaspersky. When many people suddenly had to work from home when the coronavirus pandemic…
South Africa: Yoco Turnover among SME’s flat last…
The Yoko Small Business Recovery Monitor showed turnover among small and medium sized businesses (SME’s) was flat last week, with the index static at 56 percent when compared with levels before the Covid-19 lockdown. SME’s…
Business: As lockdown fuels food shortages, Africa goes…
In between her shifts, Zimbabwean nurse Sinothando Mpofu used to go to Bulawayo’s open-air markets to buy tomatoes and cabbages for her family – until the country’s coronavirus lockdown closed all stalls. Mpofu worried about…
Thabi Leoka SA is in a precarious position-but…
There is a lot of talk about the role and the mandate of the SA Reserve Bank and emotions seem to rise when the economy is in a rut and solutions prove elusive. Critiques of…
CBN waives COVID-19 loan requirement
The Central Bank of Nigeria (CBN) has waived the requirement for the provision of guarantors by Households and Small and Medium Scale Enterprises (SMEs) applying for its N50 billion COVID-19 Targeted Credit Facility. The apex…
Business: The Woman Behind Okra, Africa’s First API…
Raising $1M for your startup in Africa is starting to become more common. As of May 21, 54 startups have raised at least $1M in 2020. Raising $1M as an African woman is still frustratingly…
